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vladimir1956 [14]
2 years ago
12

A Coverdell Education Savings Account may be preferred to a Sec. 529 Education Savings Account under all of the following circum

stances EXCEPT:(A)The student beneficiary will use the money to pay for high school expenses.(B)The grantor's modified adjusted gross income is below a certain threshold amount.(C)The grantor is in a low tax bracket.(D)The grantor wants to make a one-time contribution of $15,000 to the account.
Business
1 answer:
Tpy6a [65]2 years ago
6 0

Answer:

A)The student beneficiary will use the money to pay for high school expenses.

Explanation:

A Coverdell Education Savings Account can be used for elementary, secondary, or higher education expenses (college). The money can be used to pay for public, private, or religious schools. On the other hand, 529 plans can only be used to pay for higher education expenses (college).

The maximum contribution to a Coverdell Education Savings Account is $2,000 per year per child and the contribution is not tax deductible. But when the distributions are taken to pay for the child's qualified education expenses, then they are not taxed.

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Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivab
Zigmanuir [339]

Answer:

(a) Barton's investment

Date   Account Titles and Explanation               Debit       Credit

          Accounts receivables                              $44,900

          ($48,000 - $3,100)

          Equipment                                                 $90,000

                 Allowances for uncollectible                               $1,300

                 Barton Capital                                                       $133,600

           (To record Barton's contribution)

(b) Fallows' investment

Date   Account Titles and Explanation               Debit       Credit

          Cash                                                           $28,700

          Merchandise Inventory                             $60,500

                  Fallow Capital                                                      $89,200

           (To record Fallow's contribution)

3 0
3 years ago
Anderson Manufacturing​ Co., a small fabricator of​ plastics, needs to purchase an extrusion molding machine for ​$180 comma 000
vlabodo [156]

Answer:

1st     46,398.83

2nd    49,646.74

3rd      53,122.02

4th      56,840.56

5th       60,819.40

Explanation:

given a growing annuity we have to solve for the installement

FV = \frac{1-(1+g)^{n}\times (1+r)^{-n} }{r - g}

FV = PV (1+r)^5 = 180,000 x 1.14^5 =  346,574.62  

grow rate 0.07

interest rate 0.14

n = time     5

346,574.62 = C  \times \frac{1-(1+0.07)^{5}\times (1+0.14)^{-5} }{0.14 - 0.07}

C = 46398.8284

Now, to determiante the subsequent payment we multiply by the grow rate of 1.07

6 0
2 years ago
Economic bads are items
sdas [7]
Economic bads for which the desired quantity is less than what nature provides at a zero price.<span>
Those are items people would pay to avoid or get rid of. They are</span><span> the opposite of an </span>economic<span> good</span><span>
Examples of economic bads include: pollution, noise, unhealthy food, risk, losss of resources,...</span>
7 0
3 years ago
Investors in closed-end funds who wish to liquidate their positions must a.sell their shares to other investors. b.sell their sh
Molodets [167]

Answer:

The correct answer is letter "A": sell their shares to other investors.

Explanation:

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6 0
3 years ago
You have been hired to implement an enterprise system that will automate much of the billing and accounting work for a statewide
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Answer:

the correct answer is

D. Organizational impact analysis

good luck

8 0
2 years ago
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